UNL - Natural Gas: The Bulls Look Exhausted

• Currently, I expect the EIA to report a build of 57 bcf next week (a final estimate will be released on Wednesday).
• The annual storage deficit is projected to shrink by 22 bcf by August 13.
• We are still in the "uncharted territory" as U.S. fundamentals do not justify the current level of prices.
• Global natural gas prices remain record-high and continue to fuel bullish sentiment in NYMEX Henry Hub futures.
• Technically, natural gas is trading within an ascending wedge, but short-term bias seems to be getting bearish.

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